Illicit entities acquired round $141 billion through stablecoins in 2025, the very best degree noticed within the final 5 years, says blockchain analytics agency TRM Labs.
TRM stated in a report launched on Tuesday that the rise doesn’t replicate a broader progress in crypto-enabled crime, however does present a “deeper reliance on stablecoins inside particular exercise sorts the place they provide clear operational benefits.”
Stablecoins have been notably utilized in sanctions-linked networks and large-scale cash motion providers, it stated.
Sanctions-related exercise accounted for 86% of all illicit crypto flows in 2025. Of the $141 billion in stablecoin flows, round half, or $72 billion, was linked particularly to the Russian ruble-pegged token A7A5, “whose exercise is sort of solely concentrated inside sanctions-linked ecosystems,” TRM stated.
Russian-linked networks, akin to one known as A7, intersect with different state-linked ecosystems, together with entities tied to China, Iran, North Korea, and Venezuela, “underscoring how stablecoins have turn out to be a connective infrastructure for sanctioned actors searching for to maneuver worth exterior conventional monetary controls,” TRM acknowledged.
Assure marketplaces solely on stablecoins
Comparatively, scams, ransomware, and hacking exercise make extra selective use of stablecoins, typically favoring Bitcoin (BTC) or different crypto property earlier than utilizing stablecoins later within the laundering course of.
The report additionally famous that classes akin to illicit items and providers and human trafficking confirmed “near-total stablecoin utilization,” suggesting these markets “prioritize cost certainty and liquidity over worth appreciation.”
Quantity on assure marketplaces like Huione surged to over $17 billion by late 2025, predominantly in stablecoins.
“The truth that roughly 99% of this quantity is denominated in stablecoins reinforces the position these providers play as laundering infrastructure, not speculative venues,” they acknowledged.
Associated: Crypto launderers are turning away from centralized exchanges: Chainalysis
Chainalysis reported earlier in February that crypto flows to suspected human trafficking networks elevated 85% 12 months over 12 months in 2025. Worldwide escort providers and prostitution networks operated virtually solely utilizing stablecoins, they famous.
TRM Labs reported that whole stablecoin exercise exceeded $1 trillion in month-to-month transaction quantity a number of instances in 2025.
Approximating this over a 12 months equates to round $12 trillion, which means that illicit use accounts for round 1% of the whole.
In contrast with the United Nations estimate, the quantity of illicit cash laundered globally in a single 12 months is 2% to five% of worldwide GDP, or round $800 billion to $2 trillion.
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